South Korea's trade with Vietnam has experienced remarkable growth over the past decade. In 2007, Vietnam officially joined the World Trade Organization (WTO), marking a significant milestone in its economic integration with the global market. That same year, South Korea and ASEAN signed a bilateral trade agreement, which helped both countries explore new trade opportunities and strengthen their economic ties. By 2008, the relationship between Vietnam and South Korea reached a turning point, with increasing collaboration across various sectors.
According to data from Vietnam Customs, bilateral trade between the two nations grew steadily from 2005 to 2009. The figures were $4.2 billion in 2005, $4.7 billion in 2006, $6.6 billion in 2007, and surged to $9.9 billion in 2008. Despite a slight decline in 2009 due to the global financial crisis, the total still stood at $9 billion. During this period, South Korea consistently maintained a trade surplus with Vietnam, reaching $4.8 billion in 2009.
In the first half of 2010, Vietnam imported $4.2 billion worth of goods from South Korea, representing a 41.5% increase compared to the same period in 2009. Key imports included textiles valued at $525.5 million (up 21% year-on-year), steel at $427 million (a 56.9% rise), and machinery and spare parts totaling $417.57 million (an increase of 12.5%). These products accounted for a significant share of Vietnam’s total imports from South Korea.
Notably, some of the fastest-growing categories included dairy products, such as milk powder, which saw an impressive 198.3% year-on-year increase, reaching $4.7 million. Electronic goods, computers, and spare parts also showed strong growth, with values rising by 184% to $2.7 billion. Common metal products and petrochemicals also saw substantial increases, with growth rates of 149.3% and 143.6%, respectively.
By April 2010, South Korea had become Vietnam’s largest foreign investor, with 2,495 investment projects registered, totaling $2.19 billion in capital. This marked a significant shift in the economic landscape between the two nations.
In early October 2009, Vietnam implemented the Japan-Vietnam Economic Partnership Agreement (VJEPA), prompting discussions on a similar deal with South Korea. Later that year, South Korean Foreign Minister Kim Jong-hoon led a high-level delegation to Vietnam, engaging in talks with Vietnamese officials to advance negotiations on a bilateral trade agreement. Both sides expressed a commitment to enhancing economic cooperation, addressing trade imbalances, and promoting mutual growth. They also agreed to establish working groups to support these efforts and ensure long-term economic stability between the two countries.
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